Let’s start this off with a simple lesson in economics:
AXIOM I: Raising minimum wages invariably loses what has been gained when prices rise to compensate.
Now, let’s take a look at how this looks over time:
As you can see, every time minimum wage has been increased, prices increased to fairly rapidly erase the gain achieved by increasing minimum wage. As a result, the purchasing power of the dollar has remained roughly the same.
AXIOM II: Maintaining a steady Constant Collars minimum wage via other economic policies is a far more sane and rational approach than raising minimum wage.
Finally, there’s the issue of the millions of baby boomers who’re on a fixed income. If you double minimum wage, you think for one second their income will be magically increased? Of course not. When you raise minimum wage, and prices rise in response, you a DOOMING all seniors on fixed incomes to a life of poverty.
AXIOM III: Raising minimum wage only helps some people, temporarily, while always dooming everyone on a fixed income.